HDFC Bank · RuPay

PhonePe HDFC Bank Ultimo

PhonePe services, selected online brands and merchant Scan & Pay earn in three separately capped buckets, redeemable at ₹1 per point as statement credit.

Check availability for PhonePe HDFC Bank Ultimo

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PhonePe

10 RP/₹100; 1,000 RP/month cap

Select brands

5 RP/₹100; 500 RP/month cap

Scan & Pay

1 RP/₹100; separate 500 RP/month cap

Annual fee

₹999 + taxes; waiver at ₹2 lakh

Fee: ₹999 + tax
Statement credit: ₹1 per point
UPI: 1% eligible QR

PhonePe services

10 RP/₹100 on eligible PhonePe recharges, utilities/bills and travel, capped 1,000 RP/calendar month. Insurance and other excluded categories earn nothing.

Shopping & merchant QR

5 RP/₹100 on eligible selected online brands, capped 500 RP/month, plus 1 RP/₹100 on eligible merchant Scan & Pay, with a separate 500 RP/month cap. QR transactions can be made through any supported UPI app.

Conditional lounges

8 domestic lounge visits/year, max 2/quarter, subject to ₹75,000 qualifying quarterly spend and bank lounge terms.

PhonePe HDFC Bank Ultimo: fees & key facts

PhonePe HDFC Bank Ultimo credit card fees and key facts
Joining and annual fees	₹999 + applicable taxes each; renewal waived after ₹2 lakh eligible previous-year spend. EMI, cash, fees and excluded categories do not count.
PhonePe services	10 RP/₹100 on eligible recharges/bills and travel/stays booked through PhonePe, capped 1,000 RP/calendar month. Eligible merchant coding and PhonePe initiation required.
Selected online brands	5 RP/₹100 on eligible Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy and Zomato transactions, capped 500 RP/calendar month; this is not all online spending.
Scan & Pay	1 RP/₹100 on eligible merchant QR payments through any supported UPI platform, capped 500 RP/calendar month. Online intent/card entry is not automatically a QR transaction.
Statement redemption	1 RP = ₹1 statement credit; minimum 500 RP to redeem. Maximum ₹7,500 statement redemption/calendar month; no statement-redemption fee. Points expire after 2 years.
SmartBuy value	Bank lists ₹0.30 per RP on SmartBuy flights/hotels, airmiles and catalogue, versus ₹1 statement credit; do not treat points as ₹1 on every redemption route.
Welcome from August 2026	Applications from 1 August 2026 with joining fee applicable: five scratch cards of ₹200 each for the first five qualifying PhonePe card-UPI transactions of at least ₹100. Earlier application cohorts have different gifts.
Lounge access	8 domestic visits/year, maximum 2/quarter; requires ₹75,000 eligible spend in a calendar quarter under the card lounge programme. Check the bank’s live eligibility before visiting.
Fuel surcharge waiver	1% on qualifying ₹400–₹5,000 fuel transactions, maximum ₹250/statement cycle. Fuel itself earns no rewards; surcharge GST and excess charges can remain.
Reward exclusions	EMI, fuel, wallet loads, gift cards, cash, bill repayments, fees, government, rent, education, insurance, investments and jewellery are excluded. PhonePe PINCODE earning ended 5 December 2025.
How to apply	Apply through the PhonePe app. HDFC decides the offered variant and credit limit; the public page is not a promise of approval.

Public issuer terms checked 15 October 2026.

Checked product and current card-specific rewards PDF. App-only acquisition; bank selects the variant. August 2026 welcome cohorts and different SmartBuy/statement values are distinguished.

HDFC ultimo product HDFC ultimo rewards terms PhonePe official HDFC comparison

Who should get it

Choose Ultimo for the higher service and selected-brand accelerators if your eligible spending justifies its fee. This HDFC programme is separate from PhonePe SBI Card.

The 10% headline applies only to named PhonePe services. Other eligible Scan & Pay earns 1%, and selected online-brand rewards do not extend to every online store.

Statement credit gives ₹1 per point; the bank lists only ₹0.30 per point on SmartBuy. The more convenient redemption option can therefore be materially more valuable.

Reward exclusions

Transactions that do not earn Rewards

Eligibility follows the merchant category code and transaction data received by the issuer, so the merchant name alone may not determine whether a transaction earns rewards.

Fuel, wallets, gift cards and cash advances
Rent, government, education, insurance, investments and jewellery
EMI transactions, fees and card-bill repayments
Unsupported service/brand/merchant codes; expired PINCODE earning

Checked product and current card-specific rewards PDF. App-only acquisition; bank selects the variant. August 2026 welcome cohorts and different SmartBuy/statement values are distinguished.

Checked 15 October 2026HDFC ultimo product HDFC ultimo rewards terms PhonePe official HDFC comparison

PhonePe HDFC Bank Ultimo FAQs

Is PhonePe Ultimo the same as PhonePe SBI Card?

No. This card is issued by HDFC Bank and uses its own reward buckets, exclusions, redemption values and fees.

Does the card earn on UPI outside PhonePe?

Eligible merchant QR Scan & Pay through any supported UPI app earns 1 RP/₹100, capped 500 RP/month, under the HDFC rewards terms. Excluded categories do not earn.

Does every online store earn 5%?

No. Only the named online brands and eligible merchant codes qualify, with a 500 RP monthly cap.

What is the best published point redemption value?

The bank lists ₹1 per point as statement credit and ₹0.30 on SmartBuy. Statement credit requires at least 500 points, with a ₹7,500 monthly redemption limit.

Is the welcome gift available on a fee-free offer?

The bank says welcome benefits are offered only where the joining fee applies. Applications from 1 August 2026 have a different scratch-card structure from older cohorts.

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